Martin lewis urges brits to make car finance claim before key date

The Martin Lewis Money Show Live made a comeback on Tuesday with an hour-long summer special. The money-saving expert provided an update for the countless individuals anticipating news on

whether they might receive a compensation payout of approximately £1,100 due to undisclosed Discretionary Commission Arrangements (DCAs). Martin Lewis informed STV viewers that the Supreme

Court is currently considering an appeal it heard in April, with a verdict expected around July. When questioned about the value of submitting a claim given the Financial Conduct

Authority's (FCA) previous statement that any compensation would be automatic, the financial expert recommended filing a claim now to ensure all administrative processes are ready

before a decision is announced. However, he did say it was fine to wait for the ruling, reports the Daily Record. He did stress, however, the importance of utilising a free online claims

service, highlighting that there is one available at MoneySavingExpert.com here. A viewer named Lisa reached out during the show, asking: "It would be great to get an update on car

finance, I believe I could be eligible due to having cars on DCAs but never got round to putting my claim in. I have now read that if you are due any payout, you will be contacted and repaid

automatically, without filling anything in. Is this right?". Martin said: "Yes, basically around 2.5 million people have put DCA claims in. Discretionary Commission Arrangements,

that's effectively where car dealers charge higher interest than they needed to and they got more commission for doing so and the regulator (FCA) is investigating that. "The most

important thing to understand is car finance claims are currently on hold because the Supreme Court is looking at a case right now, it's already heard evidence on it and we're

waiting for a decision, now no-one knows when that will come - we just don't know." Martin suggested that insiders are hinting at a possible resolution by July, saying: "The

people in the know are telling me they're hoping it will be July, so I'm going to say July-ish is the probably rough time span". He also mentioned that until the Supreme

Court's decision, "nothing else happens". Martin clarified that according to the FCA, should there be payouts, they would be automatic, so no one would need to actively claim

them. He advised: "I would still suggest if you want to get ahead of the queue and make sure all the admin is done right and they have all your details and they're all up-to-date.

I would still probably just go and put your claim in now, but only use a free service." He concluded with advice for those willing to wait, stating: "But you don't have to, if

you just want to wait, if you are eligible you should be paid out - if the Supreme Court rules saying that car finance and the way it was done should be paid out." Martin has

previously calculated that approximately 40 per cent of all car finance deals made between April 2007 and January 28, 2021, could be due for compensation of around £1,100. This implies that

anyone who secured finance with the 'hidden DCA charge' to buy a van, campervan or motorcycle during that time frame, might be eligible for a refund.